{"id":8305,"date":"2024-12-04T05:42:19","date_gmt":"2024-12-04T05:42:19","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/12\/04\/crypto-strategy-leads-rivalrys-q3-transformation-and-cost-reduction\/"},"modified":"2024-12-04T05:42:19","modified_gmt":"2024-12-04T05:42:19","slug":"crypto-strategy-leads-rivalrys-q3-transformation-and-cost-reduction","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/12\/04\/crypto-strategy-leads-rivalrys-q3-transformation-and-cost-reduction\/","title":{"rendered":"Crypto Strategy Leads Rivalry\u2019s Q3 Transformation and Cost Reduction"},"content":{"rendered":"<div>\n<p>Rivalry Corp, an iGaming and sportsbook operator, unveiled its Q3 2024 performance, marked by significant restructuring, a strong pivot to a crypto-centric approach, and notable cost reductions. While revenue experienced a decline, the company expressed confidence in its leaner structure as a pathway toward profitability. The <a href=\"https:\/\/igaming.org\/casino-news\/rivalrys-q2-financial-report-reveals-strong-revenue-growth\/\">second quarter<\/a> also marked huge revenues.<\/p>\n<p>During the quarter, Rivalry recorded a betting handle of CAD 79.9 million ($56.90 million). Adjusted revenue, boosted by CAD 3.0 million ($2.14 million) in deferred revenue from its crypto-native token NUTZ, reached CAD 6.0 million ($4.18 million). Net revenue settled at CAD 3.0 million.<\/p>\n<p>The casino segment drove growth, contributing 62% of the betting handle and 40% of net revenue, bolstered by new content and enhanced features. Marketing expenses dropped 30% year-over-year to CAD 2.0 million, while operational costs were halved, reflecting the company\u2019s comprehensive realignment.<\/p>\n<h2>Crypto-First Strategy and Product Revamp<\/h2>\n<p>Rivalry embraced a crypto-native approach, introducing a new cashier system and VIP rewards aimed at high-value players (HVPs). Users with crypto wallets generated 200% higher revenue and showed 30% greater retention compared to non-crypto players.<\/p>\n<p>The company also underwent a rebrand, adding over 40 sports to its sportsbook and redesigning its casino with interactive features like Casino Races. CEO Steven Salz highlighted the transformation, stating, <em>\u201cWe are emerging as a fundamentally leaner company, better positioned for growth.\u201d<\/em><\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The pre-launch of NUTZ added CAD 3.0 million in deferred revenue. Salz called the token a <em>\u201ccornerstone of our crypto-first and HVP strategy,\u201d<\/em> with an official launch slated for early 2025 and additional sales expected in Q4 2024 and Q1 2025.<\/p>\n<p>Rivalry reduced its workforce by 50% and implemented salary cuts for senior executives, including Salz. These measures streamlined operations and created a high-output team. Meanwhile, the board saw a transition, with Kirstine Stewart stepping down as the company seeks leaders aligned with its crypto vision.<\/p>\n<p>Rivalry plans to resume marketing in December, focusing on its revamped products. Salz emphasized the progress, noting, <em>\u201cOur average net revenue per user has hit all-time record levels, increasing by 51% compared to the 2024 year-to-date average.\u201d<\/em><\/p>\n<p>\u00a0<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/crypto-strategy-leads-rivalrys-q3-transformation-and-cost-reduction\/\">Crypto Strategy Leads Rivalry\u2019s Q3 Transformation and Cost Reduction<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rivalry Corp, an iGaming and sportsbook operator, unveiled its Q3 2024 performance, marked by significant restructuring, a strong pivot to a crypto-centric approach, and notable cost reductions. While revenue experienced a decline, the company expressed confidence in its leaner structure as a pathway toward profitability. The second quarter also marked huge revenues. During the quarter, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-8305","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=8305"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8305\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=8305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=8305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=8305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}